The Apthorp, More Drama and Possibly Foreclosure?

nice

formeraptenant - What's the gripe you have with this property? Like my dad always said - "go union - go broke" - These guys may go broke even without the help of overpriced labor but I don't see how getting overpriced labor will help their situation.

How much asbestos is there be in the Apthorp? Perhaps some in the basement, some in the boiler room. A licensed asbestos abatement company (union or not) can remove/abate that. Usually, there isn't too much asbestos in old blgs.

I just bought Alpern's "Luxury Apartment Houses" - the middle apts on north & south flank are to die for. Sad. IMO, the best solution for these troubled buildings is to let the tenants convert. They will put up with crap that they wouldn't otherwise.

nyc10023 - I think the best solution is to allow the owner to pay the city a one time tax of $500,000 for every unit they wish to deregulate. The tenants have had a HUGE windfall already given to them by the government, they shouldn't be entitled to anything else. The government should now benefit. This one time payment should be offered to all landlords throughout the city. Then the government should take the cash they get from this program and use it towards affordable housing. They could EASILY create more housing than they lose with $500,000 of cash per unit.

Then we'd have a vacant building at the Apthorp - construction could be expedited and units brought to market sooner.
It's asinine that rent stabilization allows people to live in such luxury. ASININE!!

Now of course I understand that my program really only makes it so the developers have to buy people out for $400,000/unit but that's good enough. No one should be given a housing discount that is worth that much - it's just not the way to run a society - government regulation that gives one guy a discount on his housing worth more than $400,000 while other citizens get nothing.

I don't want to end rent stabilization - I just want to end luxury rent stabilization and all rent stabilization for rich people.

jAZZMAN:IF, AS A SOCIETY WE LIKE SUBSIDIZED HOUSING,THEN WE ALL SHOULD PAY FOR IT;AND NOT FORCE PROPERTY OWNERS TO HAVE THEIR OWNERSHIP CONFISCATED BY GOVERNMENT DECREE.IT'S SO EASY ,AND CONSTITUTIONALLY QUESTIONABLY TO TAKE FROM SOME AND RANDOMLY REISSUE TO AN ARBITRARY,SELECT FEW.

jrw293 - can't hear what your saying - could you please speak up a bit - thanks